Toyo Denki Seizo K K : Summary of Consolidated Business Results for Fiscal 2021

Summary of Consolidated Business Results for Fiscal 2021

			July 14, 2022
Company Name:	Toyo Denki Seizo K.K.	Stock Exchange: 1st Section of the Tokyo Stock Exchange
Stock Code:	6505	URL	https://www.toyodenki.co.jp
Representative:	Akira Watanabe, President
Inquiries:	Toshihito Nakanishi, Operating Officer, General Manager, Management Planning Division TEL: +81-3-
	5202-8122

Scheduled date of convention of ordinary general meeting of shareholders	:	August 25, 2022
Scheduled date of commencement of dividend payments	:	August 26, 2022
Scheduled date of submission of financial report	:	August 26, 2022
Preparation of financial report supplemental explanatory materials	:	Yes
Holding of financial results briefing	:	Yes

(Note: Amounts less than one million yen in financial statements and supplementary data are rounded down.)

1. Consolidated Business Results for Fiscal 2021 (June 1, 2021 to May 31, 2022)

(1) Consolidated Operating Results

(Percentage figures show year-on-year increase or decrease.)

		Net Sales					Operating Income			Ordinary Income	Net Income Attributable to
									Owners of the Parent
	Millions of yen		%		Millions of yen	%			Millions of yen		%		Millions of yen	%
Fiscal 2021	30,158		(9.0)				171	(59.4)				766		1.2			(930)	-
Fiscal 2020	33,143		(15.2)				423	(60.3)				757		(37.3)			977	(9.6)
(Note) Comprehensive income:	Fiscal 2021		(1,727) million yen [-%]
				Fiscal 2020				94 million yen
	Net Income per		Diluted Net Income		Net Income to	Ordinary Income to		Operating Income
			Shareholders'
		Share			per Share			Total Assets Ratio		to Net Sales Ratio
						Equity Ratio
			Yen					Yen					%				%			%
Fiscal 2021	(104.02)					-					(4.0)				1.5			0.6
Fiscal 2020	109.38					-					4.1				1.4			1.3
(Reference) Equity method investment gain or loss for:	Fiscal 2021	242 million yen
									Fiscal 2020	(4) million yen
(2) Consolidated Financial Position
		Total Assets			Net Assets			Shareholders' Equity			Net Assets per Share
							Ratio
				Millions of yen					Millions of yen				%					Yen
Fiscal 2021				46,916				22,012				46.9					2,462.17
Fiscal 2020				51,967				24,008				46.2					2,685.28
(Reference) Shareholders' equity:	Fiscal 2021				22,012 million yen
				Fiscal 2020				24,008 million yen
(3) Consolidated Cash Flows
		Cash Flow from			Cash Flow from			Cash Flow from				Cash and Cash
							Equivalents at the End of
	Operating Activities			Investing Activities			Financing Activities
								the Fiscal Year
		Millions of yen				Millions of yen				Millions of yen				Millions of yen
Fiscal 2021				2,504					289						(2,356)					4,449
Fiscal 2020				1,776					(155)						(971)					3,964

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2. Dividend Information

		Annual Dividend			Total Annual	Dividend		Dividend on
				Fiscal Year-			Payout Ratio		Equity Ratio
	1Q	Interim	3Q	Total		Dividends
	End		(consolidated)		(consolidated)
	Yen	Yen	Yen	Yen	Yen		Millions of yen	%	%
Fiscal 2020	-	0.00	-	30.00	30.00	268	27.4	1.1
Fiscal 2021	-	0.00	-	30.00	30.00	268	-	1.2
Fiscal 2022	-	0.00	-	30.00	30.00			33.5
(Forecast)

3. Consolidated Performance Forecast for Fiscal 2022 (June 1, 2022 to May 31, 2023)

(Percentage figures show year-on-year increase or decrease.)

								Net Income
	Net Sales		Operating Income	Ordinary Income	Attributable to	Net Income per
		Owners of the	Share
								Parent
	Millions		%	Millions	%	Millions	%	Millions		%	Yen
	of yen		of yen	of yen	of yen
First 6 months	16,000		8.1	(80)	-	160	-	300		61.1	33.56
Full year	34,000		12.7	450	161.8	700	(8.6)	800		-	89.48

• Notes:

1. Transfers of major subsidiaries during the period (transfers of specified subsidiaries accompanied by changes in the scope of consolidation): No
   Newly included: - companies (name of the company) Excluded: - companies (name of the company)
2. Changes in accounting policies, changes in accounting estimates, and restatement
3. 1. Changes in accounting policies in accordance with revisions to accounting standards and related practices: Yes
   2. Any changes other than (a) above: No
   3. Changes in accounting estimates: No
   4. Restatement: No

1. Number of shares outstanding (common stock)
2. 1. Number of shares issued as of the end of the period (including treasury stock):
   2. Number of shares of treasury stock as of the end of the period:
   3. Average number of shares for the period

Fiscal 2021	9,735,000 shares	Fiscal 2020	9,735,000 shares
Fiscal 2021	794,608 shares	Fiscal 2020	794,128 shares
Fiscal 2021	8,940,590 shares	Fiscal 2020	8,941,272 shares

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(Reference) Non-Consolidated Financial Statements

1. Non-Consolidated Business Results for Fiscal 2021 (June 1, 2021 to May 31, 2022)

(1) Non-Consolidated Operating Results

(Percentage figures show year-on-year increase or decrease.)

	Net Sales	Operating Income		Ordinary Income	Net Income
	Millions of yen	%	Millions of yen		%	Millions of yen	%	Millions of yen		%
Fiscal 2021	25,834	(9.3)	(343)		-	342	(52.9)	(1,144)		-
Fiscal 2020	28,470	(14.4)	(52)		-	728	(23.8)	1,150		30.7
	Net Income per Share	Diluted Net Income per
	Share
		Yen			Yen
Fiscal 2021		(127.99)			-
Fiscal 2020		128.68			-

(2) Non-Consolidated Financial Position

	Total Assets	Net Assets	Shareholders' Equity	Net Assets per Share
		Ratio
		Millions of yen	Millions of yen		%	Yen
Fiscal 2021		43,154	17,590		40.8	1,967.57
Fiscal 2020		48,137	19,856		41.2	2,220.82
(Reference) Shareholders' equity:	Fiscal 2021	17,590 million yen
		Fiscal 2020	19,856 million yen

• The Summary of Consolidated Business Results is not subject to auditing by a certified public accountant or audit firm.
• Disclaimer concerning the proper use of business results forecasts and other relevant specific items
  The forecasts for business results presented in this document are based on management's assumptions and beliefs in light of currently available information. Toyo Denki Seizo K.K. (hereinafter Toyo Denki) cautions readers that due to a variety of factors actual results may differ materially from forecasts. Please refer to "(4) Outlook in 1. Overview of business results, etc." on page 3 for details relating to performance forecasts.
• This report is an abridged translation of the Japanese summary of consolidated business results, which has been prepared in accordance with accounting principles generally accepted Japan, for reference purpose only.

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	Summary of Consolidated Business Results for Fiscal 2021	Toyo Denki Seizo K.K. (6505)
3.	Consolidated Financial Statements
(1)	Consolidated Balance Sheets
				(Millions of yen)
			Fiscal 2020	Fiscal 2021
			(As of May 31, 2021)	(As of May 31, 2022)
Assets
	Current assets
	Cash and cash equivalents		3,964	4,449
	Notes and accounts receivable - trade, and contract
	assets		-	12,091
	Trade notes and accounts receivable		13,218	-
	Electronically recorded monetary claims - operating	901	1,136
	Products and finished goods		514	501
	Work in process	3,565	3,077
	Raw materials and stored goods		2,821	2,688
	Advances	7	8
	Other accounts receivable		114	25
	Other	196	212
	Allowance for doubtful accounts		(2)	(1)
	Total current assets	25,300	24,189
	Fixed assets
	Property, plant and equipment
	Buildings and structures		12,338	10,326
	Accumulated depreciation	(5,928)	(6,341)
	Buildings and structures, net		6,410	3,985
	Machinery and equipment	8,397	8,185
	Accumulated depreciation		(7,430)	(7,605)
	Machinery and equipment, net	966	579
	Land		1,301	1,270
	Construction in progress	24	7
	Other		4,857	4,977
	Accumulated depreciation	(4,234)	(4,497)
	Other, net		622	479
	Total property, plant and equipment	9,325	6,322
	Intangible assets
	Software	289	87
	Other		14	14
	Total intangible assets	303	101
	Investments and other assets
	Investment securities	13,832	12,471
	Deferred tax assets		223	883
	Other	2,988	2,953
	Allowance for doubtful accounts		(6)	(6)
	Total investments and other assets	17,037	16,302
	Total fixed assets		26,666	22,726
	Total assets		51,967	46,916

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	Summary of Consolidated Business Results for Fiscal 2021	Toyo Denki Seizo K.K. (6505)
				(Millions of yen)
			Fiscal 2020	Fiscal 2021
			(As of May 31, 2021)	(As of May 31, 2022)
	Liabilities
	Current liabilities
	Trade notes and accounts payable		1,668	1,610
	Electronically recorded obligations - operating	4,705	4,205
	Short-term debt		2,085	585
	Accrued expenses	611	688
	Income taxes payable		161	306
	Consumption and other taxes payable	207	82
	Contract liabilities		-	47
	Advances received	34	-
	Deposits received		193	190
	Reserve for directors' bonuses	36	6
	Reserve for employees' bonuses		827	699
	Reserve for order losses	871	970
	Other		224	176
	Total current liabilities	11,628	9,569
	Long-term liabilities
	Long-term debt	11,759	11,173
	Long-term payables		17	38
	Deferred tax liabilities	427	-
	Net defined benefit liability		4,124	4,113
	Other	1	6
	Total long-term liabilities		16,330	15,333
	Total liabilities	27,958	24,903
	Net assets
	Shareholders' equity
	Capital stock		4,998	4,998
	Capital surplus	3,177	3,177
	Retained earnings		12,320	11,122
	Treasury stock	(1,281)	(1,282)
	Total shareholders' equity		19,214	18,016
	Accumulated other comprehensive income
	Unrealized holding gains on available-for-sale securities		4,803	3,913
	Foreign currency translation adjustments	88	144
	Adjustments of defined benefit plans		(97)	(61)
	Total accumulated other comprehensive income	4,793	3,996
	Total net assets		24,008	22,012
Total liabilities and net assets		51,967	46,916

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